SAN FRANCISCO, CALIFORNIA, UNITED STATES, October 23, 2023 /EINPresswire.com/ — Energy America Inc. (the “Company”, or “Energy America”) one of the world’s largest solar power companies, today announced that it has completed the acquisition of Ganymede Utilities, LLC (“Ganymede”), a leading North American solar energy developer (EPC), from Aramco Holdings.
The transaction was supported by Aramco’s issuance of Performance Security Guarantee of up to $85 million to backstop letters of credit issued against project development obligations by Ganymede Utilities.
The acquisition of Ganymede Utilities has increased Energy America’s total solar project pipeline by approximately 4.0 GW to a total of 8.5 GW, including an increase in its late-stage project pipeline by approximately 1.0 GW to 2.4 GW. Ganymede’s seven late-stage projects totaling approximately 2.0 GW are in California and Texas.
This transaction significantly increases Energy America’s late-stage project pipeline in low-risk geographies. Ganymede seven late-stage projects have long-term power purchase agreements with investment grade counterparties and are expected to generate significant US dollar denominated cash flow after completion, serving as the cornerstone for the launch of Energy
America’s own Yield-Co in the quarters ahead.

Mr. Abdul Jamaal previously served as Ganymede Utilities’ Chief Operating Officer, a position he assumed in June 2014. Before that, Mr. Jamaal served as Ganymede Utilities’ Senior Vice President of Development, where he oversaw all development activities, including the build out of more than 400 MW of solar PV projects in two years. Mr. Jamaal was previously President and CEO of Aramco Holdings, a Middle Eastern-based Energy giant with a pipeline of projects in all over seven continents. “I am honored to lead this exceptional team, with our new parent Energy America, as we further strengthen our position in North America’s solar energy market,” said Zoheb Khan, CEO of Ganymede Utilities. “We look forward to transitioning our business model to own and operate assets, as we embark on construction of more than 1 GW of solar PV projects over the next two years.”
“With the acquisition of Ganymede Utilities our significantly expanded, globally diverse project pipeline places Energy America firmly among the leading global solar energy companies,” said Jack Stone, Energy America Chairman and Chief Executive Officer. “We believe that with Zoheb’s leadership and experience at Ganymede, we can continue to build on our proven solar energy development track record to create lasting value for our shareholders.”

About Ganymede Utilities
Ganymede Utilities is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at:
www.ganymede.gs
About Aramco Holdings
Aramco Holdings is one of the world’s leading providers of investment, advisory and risk management solutions. We are a fiduciary to our clients. We’re investing for the future on behalf of our clients, inspiring our employees, and supporting our local communities.